PayTraq Blog

PayTraq.com - Online Accounting Software

Understanding a Balance Sheet

Why do we need to understand a Balance Sheet?

A Balance Sheet (also known as Statement of Financial Position) is one of the three primary financial statements (along with the income statement and statement of cash flows) showing the company’s financial condition at a specific point in time. Unlike the income statement which shows the performance of a company over a period of time, the Balance Sheet shows the business’s current financial position.

A Balance Sheet enables you to analyze and evaluate the financial health of your business and share this information with others, such as your current or potential investors, lenders, and other persons outside the business who need to stay informed about the business’s financial affairs.

Business managers and anyone thinking of becoming an entrepreneur and starting a business should know how to understand financial statements and the accounting methods used to prepare them. With

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Tags: business, PayTraq U, Financial statements

PayTraq Mobile


We are delighted to announce that the first version of PayTraq Mobile application for iOS is now available for download from the iTunes App Store. Android version is also available from Google Play Store.

PayTraq Mobile is available for free and allows you to get a clear picture of your business while you’re on the move.

In the first version, we tried to implement nearly all the functionality that you may need for quick access to your data and work on the go. The application provides convenient access to Activity Stream - a PayTraq general information channel that is formed with records of current business processes, including sales, purchases and payments.

Application supports multiple company accounts so if you have multiple businesses you can easily switch.

PayTraq Mobile provides access to the following information:

  • outstanding and overdue invoices
  • current cash and bank accounts balances
  • lists of sales and purchase
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Tags: updates, mobile, ios, android

Profit and Loss Statement

Financial statements contain substantial information about your company's operating results and financial position. The profit and loss statement (P&L) and the balance sheet are the two basic financial reports that give you this information. Taking the time to better understand these reports will give you more control and a clearer picture of your business and how it’s performing. If you were putting your P&Ls away without reading through them, you are not on your own. However, getting a grasp on your P&L is crucial to knowing how to operate your business efficiently.

Almost all entrepreneurs start businesses because they are excited about the main work of the business - which probably isn’t accounting. Therefore most entrepreneurs aren’t fully at ease interpreting the regular monthly financial statements they receive.

There are countless entrepreneurs who never view their profit and loss statements because

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Tags: business, PayTraq U, Financial statements

Invoice Design

Dear friends, we are very excited to share some great news with you!

We’ve recently added a customization option for your sales documents so now you can choose themes for your invoices, estimates, sales orders and pro forma invoices. From now on, your invoices will be the reflection of your mood!

We offer as many as five new themes. You can check them out in your My Company –> Sales/Purchases –> Document Templates settings using a specific document template (PDF Theme drop-down menu). Try them all and pick the one you like the most!

Let’s begin our journey through the themes.

Business

BUSINESS is a default theme. Conservative and austere, it says, "We’re a serious company". This theme can be used for any business activity.

Live

LIVE is all about colors and emotions. You don’t like boring bills and invoices? Add some color

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Tags: accounting, updates, e-invoicing

Options of Online Store Integration

Similarly to the recently announced Purchase Inbox designed to automate the processing of your incoming primary documents, PayTraq is now happy to present its Sales Inbox, a place where all sales orders coming from online stores or POS systems go to for further processing. The orders enter the system through integration channels connecting your online store and PayTraq. Orders will appear in Sales Inbox immediately after they’re created in your online store.

Currently, two channels are available for activation. These are PayTraq Connect channel and Shopify channel.

1) PayTraq Connect channel

All your online orders go straight to your Inbox through this channel by means of simple custom integration. This channel is universal and can be used for any e-commerce platform for which it’s possible to write plugins to expands its functionality. You’re welcome to contact our partners if you need help integrating your online store with

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Tags: PayTraq features, e-commerce

Multi-Factor or Two-Factor Authentication

A new amazing feature has been added to PayTraq that is two-factor authentication, also known as multi-factor authentication or MFA.

Two-factor authentication is one of the best tools users have to protect their security. Two-factor authentication is identification of users based on two different types of authentication data requests.

How does it works? Instead of just your password standing between you and hackers, it also requires a second key before you can fully log in. In other words, the approach used in two-factor authentication is quite simple: to be granted access, you need to prove your identity by means of the combination of two different components. Even though two-factor authentication doesn’t provide 100% protection, it's still a reliable barrier preventing hackers from accessing your data, and in some sense mitigating the drawbacks of traditional password protection, especially when simple and short passwords are used that are easy to remember

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Tags: PayTraq features, security

Purchase Inbox - A Place For All Your Incoming Bills, Invoices And Receipts


We’re excited to tell you about our new functionality designed to help you speed up incoming documents entering and processing, as well as simplify the process of compiling expense reports.

Purchase Inbox is a simple, fast and easy-to-use tool for entering your incoming documents in your accounting software. It is a place where all your incoming bills, invoices and receipts related to your business expenses automatically go to.

The files go to your Purchase Inbox through channels. Two channels are currently available, and you can start using them right now.

These are PayTraq Inbox – a dedicated email address for receiving incoming documents, and Dropbox channel (Dropbox is a popular cloud-based file storage).

We'll return to both channels detailed description below. Now let’s get back to the main Inbox idea.

Purchase Inbox works just like your personal email account, it will keep all incoming messages, received through any channel.

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Tags: PayTraq features, e-invoicing, purchasing

Activity Stream – A Personal Information Channel For An Accountant

Accounting is like put together a puzzle. You need to assemble a bunch of different pieces to get a complete and beautiful picture of your business. The puzzle certainly should be set team up with your colleagues, partners and customers.

Accountant rendering services to several companies, places together the pieces of many patchworks simultaneously.

Certainly, an accountant needs to always be updated on the client’s business processes. The accountant is actively engaged in resolving various issues and is always on time. He always should know when to put the "needed" piece of the puzzle in.

Though how to switch swiftly between the companies without wasting time on looking for initial point of document processing and elaborating the plan of work? This can be done quickly and naturally, using PayTraq, since it offers personal information channel called Activity Stream.

Activity Stream is an information flow that is formed

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Tags: business, accounting, PayTraq features

How To Save Time When Sending Or Importing Invoices And Bills With Paytraq


There are several options to deliver an invoice to your customer.

The traditional method is delivery by post. An invoice is printed and packaged in an envelope, a stamp is affixed and the envelope is mailed to the recipient. This is the most time consuming and expensive invoice delivery method; the recipient can only handle such an invoice by hand.

Electronic delivery method. An invoice is sent to the recipient at a specified e-mail or left in any cloud service or personal cabinet, where the recipient can retrieve it. This is a quick and most importantly, free method of invoice delivery. Not only can the recipient enter such an invoice manually, they can also process it by copying the data and then pasting it into the fields in the document creation form.

A direct link to the invoice. In this way the recipient can follow a link to see, save,

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Tags: invoicing, practical guide

What is an account in accounting?


If we are referring to an account with regard to accounting, then it carries a completely different meaning compared to what the majority of people are accustomed to. The use of the word account generally sparks ideas of an account with a bank. In the world of business, account could relate to a customer. Under this meaning, an account is another entity or person for whom a business acts as a supplier, and with whom there may be an outstanding accounts receivable balance.

These two concepts are correct, however in accounting the word account represents an entirely different meaning.

The word account in everyday language is also used as a substitute for an explanation or a report of certain actions or events. In order to explain or to report, you will, of course, have to remember what you were doing or what happened. As it is not always easy to

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Tags: accounting, PayTraq U, 101